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Morning News Call - India, July 30

·6 min read

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_07302021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 11:00 am: LIC Housing Finance management at a conference call post first-quarter earnings. • 11:00 am: Container Corporation of India management at a conference call post first-quarter earnings. • 11:30 am: Exxaro Tiles virtual press briefing to announce initial public offering. • 12:30 pm: Devyani International virtual press briefing to announce initial public offering. • 2:00 pm: Indian Oil Corporation Chairman Shrikant Madhav Vaidya at a virtual press briefing on first-quarter earnings. • 3:00 pm: DPIIT Additional Secretary Sumita Dawra at ASSOCHAM webinar on impact of PLI schemes in Karnataka. • 3:00 pm: Niti Aayog Vice Chairman Rajiv Kumar, MSME Ministry Joint Secretary Sudhir Garg, Federation of Indian Micro and Small & Medium Enterprises President Animesh Saxena among others at ISID webinar on sustainable growth of MSMEs. • 3:10 pm: Ambuja Cements Managing Director and Chief Executive Neeraj Akhoury, ITC Chief Operating Officer - Biscuits and Cakes Category, Foods Business Division Ali Harris Shere, at Pitch BrandTalk Conference. • 4:00 pm: Petroleum Minister Hardeep Singh Puri, Junior Petroleum Minister Rameswar Teli, Secretary Tarun Kapoor, Additional Secretary Amar Nath at Discovered Small Fields Bid Round III. • 4:00 pm: Bandhan Bank Managing Director and Chief Executive Chandra Shekhar Ghosh at a virtual press briefing on first-quarter earnings. • 4:30 pm: Minister of Power and New & Renewable Energy R.K. Singh at virtual press conference. • 4:30 pm: Zydus Wellness management at a virtual briefing on first-quarter earnings. • 5:00 pm: Rolex Rings IPO subscription closes. • 5:00 pm: UPL management at analyst call on first-quarter earnings. • 5:00 pm: Aditya Birla Fashion Retail management at conference call on first-quarter earnings. • 5:00 pm: JSW Energy management at conference call on first-quarter earnings. • 6:00 pm: Marico management at analyst call on first-quarter earnings. • 6:30 pm: Sun Pharmaceutical Industries management at analyst call on first-quarter earnings. • 6:30 pm: BHEL management at analyst call on first-quarter earnings. INDIA TOP NEWS • India equity deals set to pick up pace as investors hunt post-pandemic bets Cash-laden investors are set to step up the hunt for Indian firms, mainly tech start-ups, likely to benefit in the post-pandemic world, after pumping in a record $30 billion via public and private equity deals this year, bankers and analysts said. • Festivals, weddings to bolster India's gold demand in H2-WGC Indian gold demand is likely to recover in the second half of 2021 from 35% below the pre-pandemic five-year average in the first half, as festivals and weddings are likely to boost retail purchases in the fourth quarter, the World Gold Council (WGC) said on Thursday. • Microsoft looks to tap into India's Oyo before its potential IPO- source Microsoft Corp is in advanced talks to invest in Indian hotel chain Oyo at a $9 billion valuation, a source familiar with the matter said on Thursday. • Indian traders sign sugar export deals in advance as frost hits Brazil Indian traders for the first time have signed sugar export contracts five months ahead of shipments as a likely drop in Brazil's production prompted buyers to secure supplies from the South Asian country in advance, five trade sources told Reuters. GLOBAL TOP NEWS • BOJ policymaker sees prospects of deeper debate on price goal this year The Bank of Japan may see conditions fall in place to begin debating a new strategy for hitting its price target around the end of this year, as the economy shakes off the blues from the COVID-19 pandemic, its board member Asahi Noguchi told Reuters. • Amazon sales growth slows in tame start to Jassy's tenure as CEO Amazon.com on Thursday said sales growth would slow in the next few quarters as customers venture more outside the home, a tepid start to CEO Andy Jassy's reign after 27 years with Jeff Bezos at the retailer's helm. • Biden pushes cash reward to get vaccinated, new rules for federal workers President Joe Biden on Thursday urged local governments to pay people to get vaccinated against COVID-19, and set new rules requiring federal workers to provide proof of vaccination or face regular testing, mask mandates and travel restrictions. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.6% lower at 15,749.00. • The Indian rupee is expected to open little changed against the dollar amid moderate moves on Asian peers following weaker-than-expected U.S. data. • Indian federal government bond yields may open marginally higher ahead of fresh supply of papers today via the weekly debt auction. The yield on the benchmark 6.10% bond maturing in 2031 is likely to trade in the 6.17%-6.22% band. GLOBAL MARKETS • U.S. stocks ended higher on Thursday, boosted by robust U.S. earnings and forecasts, while data showed the U.S. economy was above its pre-pandemic level. • Asian shares slipped, with a gauge of regional equities set for its biggest monthly drop since the height of global pandemic lockdowns last March, while the dollar lagged near one-month lows on expectations of continued Fed stimulus. • The dollar languished near a one-month low and was poised for its worst weekly performance since May as dovish remarks by the U.S. Federal Reserve together with underwhelming economic data took the steam out of a month-long rally. • U.S. Treasury yields inched higher on Thursday, but were below their peaks for the day, after a soft 7-year note auction added to the positive risk tone which persisted all day despite weaker-than-expected U.S. data. • Oil prices fell but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence in coronavirus cases worldwide. • Gold prices held near a two-week high, and were set for their biggest weekly gain in more than two months, on renewed signs that the U.S. Federal Reserve may not taper economic support and hike interest rates in the near term. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.23/74.26 July 29 (2,442.96) crores 315.23 crores 10-yr bond yield 6.198% Month-to-date (11,125) crores (811) crores Year-to-date 49,219 crores (22,962) crores (FII investment numbers are in Indian rupees. Source: National Securities Depository Limited) For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 74.28 Indian rupees) (Compiled by Haneyl Jacob in Bengaluru)